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10 Emerging Market Stocks to Watch

NEW YORK (
TheStreet) -- Global markets clocked substantial gains during the last one month with the Shanghai Composite outperforming other indices gaining 15.1%, while the Bovespa was up 4%. This compares to a 3.4% increase in the S&P 500 and a 3.2% rise in the Dow Jones. India's Nifty was up 1.5%.

The following emerging market ADRs will likely provide handsome gains to investors on the continuing positive momentum in emerging markets. These 10 stocks have an upside ranging between 19% to more than 100%, according analysts' estimates.

10. India's
iGATE(IGTE), a provider of information technology and offshore outsourcing services, has an upside of 19% with 86% of median analysts recommending a buy on the stock.

Beating analysts' expectations, iGATE reported a 61% increase in third-quarter results with revenue soaring 53%. Recently, the company has announced it will sell 10 million shares and $100 million of debt for acquisition purposes. As investors worry about the significant risk associated with a planned acquisition,
Roth Capital Partners advises to ignore the debt offering, as the company has a proven track record of pursuing such acquisitions.

Looking at the fourth quarter guidance, iGATE estimates a 7% to 8% sequential revenue growth on a revenue ranging between $80.1 and $80.8 million, higher than
Reuters estimate of $71.9 million.

The stock is trading at a P/E of 21.4. In comparison
Infosys Technologies(INFY),
Wipro Technologies'(WIT) are trading P/E multiples of 24.8, and 36.2, respectively.